Jun 12, 2019
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Banks and Big Businesses Scramble for Their Own Digital Cash

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Last week Reuters reported that several of the world’s biggest banks have invested $50 million to “create a digital cash system to settle financial transactions”. It’s an on-going project, according to the report, involving the likes UBS, Credit Suisse, Barclays, and Deutsche Bank.

Banks are being tight-lipped on the project, and it should be noted that Reuters’ report involved an unnamed source, but there was a confirmation from a Barclays’ spokeswoman that the bank is involved in the USC [utility settlement coin] project and that the research and development stage had come to an end.

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